Headquartered in Findlay, OH Fiscal year ends December NYSE: MPLX mplx.com
MPLX LP is a large-cap master limited partnership sponsored by Marathon Petroleum Corporation (MPC). MPC holds about 647 million of its roughly 1,013 million common units, and its commercial agreements with MPC generate a substantial share of revenue. MPLX owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. It reports two segments:
- **Crude Oil and Products Logistics:** crude oil and refined product pipelines (about 5.95 million barrels per day of throughput), an inland marine business (347 barges and 30 towboats), light-product terminals, storage caverns, refinery tanks, docks, loading racks, and crude and light-product marine terminals.
- **Natural Gas and NGL Services:** natural gas gathering systems and pipelines plus processing and fractionation facilities in the Marcellus, Utica, Permian/Delaware (Southwest), Southern Appalachia and Bakken regions. Recent acquisitions include Northwind Midstream (Permian sour gas treating) and the remaining interest in BANGL, LLC (an NGL pipeline). It divested its Rockies gathering and processing operations in 2025.
The partnership is deploying about $2.9 billion of organic growth capital, over 90% into natural gas and NGL value chains in the Permian and Marcellus. Projects include gas processing plants, sour gas treating, Permian-to-Gulf Coast gas and NGL pipelines (Blackcomb, Traverse, Eiger Express, Solitude, Bay Runner), Gulf Coast fractionators and an LPG export terminal JV. Updated
Down 4.15% to $57.28 on the day it reported Q3 results and raised its distribution, a rare drawdown for a $58 billion midstream partnership that usually trades on yield. Income holders will want to see where the selling stops.
The distribution rose 12.5% for a third straight year, with EPS and revenue beating expectations. Management is guiding to mid-single-digit adjusted EBITDA growth as Permian and Marcellus projects enter service.
A veteran Chevron upstream executive taking a board seat at the $59.8 billion midstream partnership puts serious producer-side experience in the room just as midstream consolidation accelerates. His Form 3 is the first filing to watch for what he buys next.
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MPLX LP is a large-cap master limited partnership sponsored by Marathon Petroleum Corporation (MPC). MPC holds about 647 million of its roughly 1,013 million common units, and its commercial agreements with MPC generate a substantial share of revenue.
24/7 Wall St.'s 12-month price target for MPLX is $61.94, rated Buy. The Wall Street consensus target is $62.92. MPLX price prediction →
